I think, those who are selling their Bitcoin now, are those who are deeply inneed of money. Cause it will not be wise to sell your coins now, wait for it to appreciate again.
Either it could be people who could require money or those who have panicked and selling considering that btc price could fall further. It could create more panic in the market and thus due to which price may fall further.
You're right seems this people were afraid that bitcoin will not recover again and continuously dropped, this people might a newbie in crypto or panic seller or they need money. Bitcoin will rise again I think cause if we see the last year price of BTC, this price today is much higher.